Truly Agreed, 2015

166.610. 1. The board may enter into ABLE program
participation agreements with participants on behalf of designated
beneficiaries pursuant to the provisions of sections 166.600
to 166.645, including the following terms and conditions: (1)
A participation agreement shall stipulate the terms and conditions
of the ABLE program in which the participant makes contributions; (2)
A participation agreement shall specify the method for calculating
the return on the contribution made by the participant; (3)
A participation agreement shall clearly and prominently disclose
to participants the risk associated with depositing moneys with
the board; (4) Participation
agreements shall be organized and presented in a way and with
language that is easily understandable by the general public;
and (5) A participation agreement
shall clearly and prominently disclose to participants the existence
of any load charge or similar charge assessed against the accounts
of the participants for administration or services. 2.
The board shall establish the maximum amount of contributions
which may be made annually to an ABLE account, which shall be
the same as the amount allowed by Section 529A of the Internal
Revenue Code of 1986, as amended. 3.
The board shall establish a total contribution limit for savings
accounts established under the ABLE program with respect to a
designated beneficiary which shall in no event be less than the
amount established as the contribution limit by the Missouri
higher education savings program board for qualified tuition
savings programs established under sections 166.400 to 166.450.
No contribution shall be made to an ABLE account for a designated
beneficiary if it would cause the balance of the ABLE account
of the designated beneficiary to exceed the total contribution
limit established by the board. The board may establish other
requirements that it deems appropriate to provide adequate safeguards
to prevent contributions on behalf of a designated beneficiary
from exceeding what is necessary to provide for the qualified
disability expenses of the designated beneficiary. 4.
The board shall establish the minimum length of time that contributions
and earnings must be held by the ABLE program to qualify as tax
exempt pursuant to section 166.625. Any contributions or earnings
that are withdrawn or distributed from an ABLE account prior
to the expiration of the minimum length of time, as established
by the board, shall be subject to a penalty pursuant to section
166.620. \Line